Credit card interest rates double in Guatemala

The interest rates charged by credit card issuers has risen 15 points since last January.

Tuesday, November 18, 2008

According to statistics from the Banking Authority (SIB), the average interest rate in quetzales charged by credit card issuer banks has risen from 16.89% in January to 30.43% in October, and the rate for operations in US Dollars has gone from 17.08% to 26.39% in the same period.

The rates charged by non banking credit card issuers rose to 29.9% in quetzales and 23.8% in US Dollars.

More on this topic

Guatemala's credit card debt at 2.37 billion quetzals

June 2008

The Superintendent of Banks in Guatemala reports that credit card debt is growing in the nation despite disturbing economic signals and now stands at 2.367 billion quetzals, or about 315 million dollars.

It said that despite high interest rates and a threatening crisis, the use of credit cards is concentrated in purchases at supermarkets, restaurants and gas stations.

Credit card rates to rise in Honduras

July 2008

The President of the Central Bank of Honduras, Edwin Araque, has warned consumers that there will be increases in interest rates on credit cards.

The Central Bank is following its tight money policy adopted last March, which involves charging higher interest rates to the nation's banks, which in turn lend to consumers and businesses.

Interest Rates on Credit Cards in Costa Rica

December 2012

A study by the Economy Ministry reveals significant differences in the interest rates charged by credit card issuers.

A statement from the Ministry of Economy, Industry and Commerce (MEIC) reads:

Survey of Credit and Debit Cards

Significant differences have been identified in interest rates charged by credit card issuers

Nicaragua: Collusion in Setting Interest Rates?

August 2012

The National Institute for the Promotion of Competition has stated that there is an agreement between banks to fix interest rates on credit cards.

The Supreme Court of Justice (CSJ) of Nicaragua annulled the resolutions issued by Procompetencia against the practice, considerer by the watchdog as abusive against consumers.

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